Isle of Man banks' dormant accounts' cash 'could go to charity'

Money in accounts which have not seen any activity for 15 years will be targeted

Money in forgotten bank accounts on the Isle of Man could be given to charities if a new law is passed.

Treasury member Bill Shimmins MHK would like to see cash lying in dormant accounts transferred to a central fund held by the Treasury.

The fund's surplus would go to a help good causes on the Isle of Man.

Only accounts left untouched for 15 years would be affected, and anybody who subsequently came forward would always be able to reclaim their money.

Mr Shimmins said the move had "the potential to inject new revenue streams into our local community".

A similar fund was set up in the United Kingdom a decade ago.

The Manx Treasury said it did not know how much money was held in dormant accounts.

Bu a spokesman warned it would be some years before any cash was handed out to charities.

The Dormant Assets Bill will be laid before the House of Keys on 19 December.